IIM students of 2016-18 and 2017-19 batch have every reason and motivation to celebrate as the winter session of Parliament has decided to honor full self-sufficiency to IIMs to make their quality felt comprehensively.

The bill gives the premier management Institutes with national importance the power to grant degrees to its students instead of diplomas. They have realized a noteworthy change in the honor of MBA degree rather than diplomas after many heated debate sessions.

The hotly anticipated and much faced off IIM Bill 2017 which was passed by Rajya Sabha on December 19, 2017 is presently to get India’s President nod to make it IIM Act 2017. IIM Bill 2017 was approved by Lok Sabha on February 9, 2017 after being presented by the Union HRD Minister Mr Prakash Javadekar.

Students of 2016-18 and 2017-19 group of all the 20 IIMs would now be granted MBA degree rather than Post Graduate Diploma in Management (PGDM) or PGPM. The following batches taking confirmation from 2018 onwards in IIMs will likewise be given MBA degree rather than recognition after culmination of the post graduate program.

Throughout the previous years, IIM Bill was under scrutiny and was a part of verbal confrontation. The constant debate and verbal exchange had been going on in the IIMs and at the MHRD level. With the endorsement by Rajya Sabha, now IIM Bill 2017 has been prepared to satisfy the long awaited dream of IIM passing out graduates to get MBA from their IIM in 2018 as all the IIMs would be vested with the statutory forces to grant MBA degrees.

Usage in the wake of getting status of IIM Act 2017

IIM Bill 2017 will now be sent to the President of India for his approval to make it IIM ACT 2017. Once the bill gets the President’s gesture, it will progress toward becoming IIM Act 2017 and will be prepared for execution.

Following are the key advantages of IIM Bill 2017 for the student of IIMs

Deterrent removed in higher studies abroad

Students of IIM Ahmedabad, Calcutta, Bangalore, Lucknow and all different IIMs are given recognition rather than MBA degree. An extra edge will be connected to IIM students when they go for higher studies abroad after the MBA degree is granted by IIMs. Presently the IIM graduates will be granted MBA degree which is acknowledged and globally accepted by all the best colleges over the world.

Clears path for situation in Global organizations:

With the MBA degree from IIMs, students will get the chance to acquire position with top Global recruiters who lean toward MBAs to PGDMs.

Advantages for IIMs

Full Autonomy granted to IIMs

The Indian Institute of Management (IIMs) will now have greater autonomy after the passing if the IIM Bill 2017. The power to appoint the chairperson as well as, the director will now lie with the board of the institutes. The Board of the various IIMs will now reserve the power to review the performance of each IIM and will be the principal executive body of each institute.

Moreover, the IIMs board will not need the Human Resource and Development Ministry’s approval while appointing the Director of each institute after the green signal being given to IIM bill 2017.

IIMs hold the status of imparting quality management education and with the advent of IIM Bill 2017; the IIMs can establish their grounds abroad and make their footprint felt globally.

New IIMs get support with IIM Bill 2017

The top and more seasoned IIMs like IIM Ahmedabad, Bangalore, Calcutta, and Lucknow among others are now notable around the world. Notwithstanding, the new IIMs particularly the 7 child IIMs who began activity in 2015-16, are lesser known and in some cases are not ready to get confirmation according to their full admission and furthermore fall behind in positions in spite of conveying the IIM mark. The introduction of IIM Bill 2017 won’t just empower them to grant MBA degree but will also empower them to work with higher self-sufficiency.

With the full independence given to IIMs as to their organization, enlistment and day by day working, the IIM Bill 2017 has experienced numerous rounds of gatherings, verbal confrontations and discourses amongst IIMs and MHRD, Government of India. Later the draft of the IIM Bill was affirmed on January 24, 2017 by Union Cabinet after the mediation of Prime Minister to grant full self-sufficiency to IIMs.

It is believed that IIM Bill will be changed over to IIM Act 2017 and will be implemented in a sometime, with a honor of MBA degree to existing and forthcoming IIM students. This will definitely give an edge to IIM students and full autonomy to IIMs.